News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • EUR/USD carves a series of higher highs and lows ahead of the European Central Bank’s (ECB) first meeting for 2021. Get your $EURUSD market update from @DavidJSong here:https://t.co/XXMha8V8dD https://t.co/r7RYOc1u6r
  • Silver noticeably higher during trade, now up over 2% $XAG $USD https://t.co/5G4QlzCdja
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MegXLHg0tp
  • Canadian #Dollar Outlook: $USDCAD BoC Breakdown– #Loonie Levels - https://t.co/3SVBLyMZTI https://t.co/9SzmpyXplC
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 1.39% Wall Street: 0.76% FTSE 100: 0.18% Germany 30: 0.15% France 40: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zBiMtLXZXw
  • US indices remain up following Biden's inauguration, with the S&P and Nasdaq hitting fresh all time highs today. DOW +0.76% NDX +1.83% SPX +1.33% RUT +0.12% $DOW $QQQ $SPY $IWM
  • USD/CAD falls to session lows as Loonie gains immediately after the BoC rate decision. Get your $USDCAD market update from @RichDvorakFX here:https://t.co/4s6kKsljCm https://t.co/FTdgwIL8cF
  • $EURJPY is trading below 125.50 today after attempting to stage a recovery yesterday. The pair had climbed back above 126.00 yesterday after falling to around 125.10, its lowest level since early December, during Monday trading. $EUR $JPY https://t.co/4mWhO9rIzA
  • US Senator Romney: Not looking for new stimulus in the immediate future. $SPY $USD
  • Mexican #Peso Outlook: $USDMXN Breakdown to Nine-month Lows - https://t.co/UTCfdRYIwU https://t.co/tS0ywWWKcA
GBP/USD Technical Analysis – Short Position Now in Play

GBP/USD Technical Analysis – Short Position Now in Play

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Short at 1.6789
  • Support:1.6751 (23.6% Fib ret.), 1.6695 (38.2% Fib ret.)
  • Resistance: 1.6822 (Feb 17 high)

The British Pound may be carving out a double top against the US Dollar as prices show a Shooting Star candlestick below resistance at 1.6822, the February 17 high. Negative RSI divergence bolsters the case for a downside scenario. Initial support is at 1.6751, the 23.6% Fibonacci retracement, with a break below that exposing the 38.2% level at 1.6695.

We will attempt to enter short here, setting a stop-loss to be activated on a daily close above 1.6822. Profit on half of the position will be booked and the stop-loss trailed to the breakeven level (1.6789) once prices hit 1.6751. The remainder of the trade left to develop with subsequent downside momentum.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_gbp-usd_body_Picture_12.png, GBP/USD Technical Analysis – Short Position Now in Play

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES